Vital Parliamentary Acts pertinent to BFSI sector
The above mentioned acts are more often asked in examinations conducted by IBPS.
Herein below table provides edifying information about some consequential acts in regards to the BFSI sector and various tax related amendments.
| Name of the Act | Year of Promulgation |
|---|---|
| Societies' Registration Act | |
| Negotiable Instruments Act | |
| Co-operative Societies Act | |
| Provident Funds Act | |
| Reserve Bank of India Act | |
| Insurance Act | |
| Central Excise Act | |
| Public Debt Act | |
| International Monetary Fund and Bank Act | |
| Employees’ State Insurance Act | |
| Banking Regulation Act | |
| Chartered Accountants Act | |
| Contingency Fund of India Act | |
| Employees' Provident Funds and Miscellaneous Provisions Act | |
| State Bank of India Act | |
| Life Insurance Corporation Act | |
| Securities Contract Act | |
| Companies Act | |
| Central Sales Tax Act | |
| State Bank of Hyderabad Act | |
| State Bank of India (Subsidiary Banks) Act | |
| Deposit Insurance and Credit Guarantee Corporation Act | |
| Customs Act | |
| Unit Trust of India Act | |
| Nationalization of Banks Act ( But government decided to nationalize 14 major commercial banks on 19th July, 1969.) | |
| Banking Laws (Application to Co-operative Societies) Act | |
| PPF Act | |
| General Insurance Business (Nationalization) Act | |
| Regional Rural Banks Act | |
| Prize Chits and Money Circulation Scheme (Banning) Act | |
| Export-Import Bank of India Act | |
| NABARD Act | |
| Chit Funds Act | |
| General Insurance Business (Nationalization) Amendment Act | |
| Securities and Exchange Board of India Act | |
| Insurance Regulatory and Development Authority Act | |
| Foreign Exchange Management Act | |
| Prevention of Money Laundering Act | |
| Fiscal Responsibility and Budget Management Act | |
| Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. (Colloquially, SARFAESI Act) | |
| Government Securities Act | |
| Securities Laws (Amendment) Act | |
| The Regional Rural Banks (Amendment) Act- Diluted the sharing pattern by limiting the composite share of central govt. and sponsor bank to 51% | |
| The Insurance Laws (Amendment) Act- Pushed FDI limit to 49% |
The above mentioned acts are more often asked in examinations conducted by IBPS.
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Contributed By Rohan Anand
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